Option Right Sample Clauses
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Option Right. Landlord hereby grants to the originally named Tenant herein (“Original Tenant”), and its “Permitted Assignees”, as that term is defined in Section 14.8, below, one (1) option to extend the Lease Term for a period of five (5) years (the “Option Term”), which option shall be irrevocably exercised only by written notice delivered by Tenant to Landlord not more than twelve (12) months nor less than nine (9) months prior to the expiration of the initial Lease Term, provided that the following conditions (the “Option Conditions”) are satisfied: (i) as of the date of delivery of such notice, Tenant is not in default under this Lease, after the expiration of any applicable notice and cure period; (ii) Tenant has not previously been in default under this Lease, after the expiration of any applicable notice and cure period, more than twice in the twelve (12) month period prior to the date of Tenant’s attempted exercise; and (iii) the Lease then remains in full force and effect. Landlord may, at Landlord’s option, exercised in Landlord’s sole and absolute discretion, waive any of the Option Conditions in which case the option, if otherwise properly exercised by Tenant, shall remain in full force and effect. Upon the proper exercise of such option to extend, and provided that Tenant satisfies all of the Option Conditions (except those, if any, which are waived by Landlord), the Lease Term, as it applies to the Premises, shall be extended for a period of five (5) years. The rights contained in this Section 2.2 shall be personal to Original Tenant and any Permitted Assignees, and may be exercised by Original Tenant or such Permitted Assignees (and not by any assignee, sublessee or other “Transferee,” as that term is defined in Section 14.1 of this Lease, of Tenant’s interest in this Lease).
Option Right. 7.1 The policyholder has the right to increase the insured capital each year of insurance. This is an exception to Article 2.5. These increases will be accepted by the insurer without further examination of the health of the insured person, provided that the following conditions are met: - the insurance is accepted upon commencement without any increase in premium; - the increase does not exceed 15% of the last insured capital; - all the increases combined during the duration Of 6 the insurance may not amount to more than € 100.000,-; - after application of the option right, the insured capital must not exceed twice the capital insured upon commencement; - the written request for increase shall be made at least one month before the contract expiry date.
7.2 The right of option referred to in the previous paragraph expires: - when the insured person reaches the age of 60; - if the option right has not been exercised for three consecutive years; - if the insured is wholly or partially incapacitated for work. - if the insured has undergone treatment and/or examination by a medical specialist in the year immediately preceding the request for an increase:
1. heart and/or vascular diseases,
2. malignant diseases, 3. diseases of the brain or nervous system,
Option Right. 7.1 The policyholder has the right to increase the insured capital each year of insurance. This is an exception to Article 2.5. These increases will be accepted by the insurer without further examination of the health of the insured person, provided that the following conditions are met: - the insurance is accepted upon commencement without any increase in premium; - the increase does not exceed 15% of the last insured capital; - after application of the option right, the insured capital must not exceed twice the capital insured upon commencement; - The increase shall take effect on the next contract expiry date and the written request for increase shall be made at least one month before the contract expiry date.
7.2 The right of option referred to in the previous paragraph expires: - when the insured person reaches the age of 60; - if the option right has not been exercised for three consecutive years; - if the insured is wholly or partially incapacitated for work. - if the insured has undergone treatment and/or examination by a medical specialist in the year immediately preceding the request for an increase:
1. heart and/or vascular diseases,
2. malignant diseases,
3. diseases of the brain or nervous system,
4. diabetes; - if antibodies against HIV have been found in the blood of the insured (the insured is HIV positive).
7.3 The increase shall take effect on the next contract expiry date.
Option Right. Subject to the compliance with the conditions set forth in this Agreement, the Option may be exercised pursuant the Vesting Schedule of Appendix I. Under no circumstances will the Shares Subject to Option be acquired, accrued, earned, accumulated or otherwise be due to the Beneficiary, on a date other than as provided in the Vesting Schedule, it being understood that no Shares Subject to Option shall be acquired, accrued, earned or accumulated on a monthly, quarterly, biannual or annual basis, unless the terms and conditions are met. Moreover, the Option is granted pro-rata to time served.
Option Right. Landlord hereby grants the Tenant named in this Lease (“Original Tenant”) one option (“Option”) to extend the Lease Term for a period of five (5) years (“Option Term”), which Option shall be exercisable only by written notice delivered by Tenant to Landlord as set forth below. The right contained in this Article 31 shall be personal to the Original Tenant and/or its Affiliate and may only be exercised by the Original Tenant and/or its Affiliate (and not any assignee, sublessee or other transferee of the Original Tenant’s interest in this Lease) if the Original Tenant and/or its Affiliate occupies the entire Premises as of the date of Tenant’s Acceptance (as defined in Section 31(c) below).
Option Right. Landlord hereby grants the Original Tenant, and any Permitted Assignee, one (1) option to extend the Lease Term for a period of five (5) years (the “Option Term”). Such option to extend shall be exercisable only by written notice delivered by Tenant to Landlord not more than fifteen (15) months nor less than twelve (12) months prior to the expiration of the initial Lease Term, stating that Tenant is thereby irrevocably exercising its option to lease the Premises during the Option Term. Upon the proper exercise of the option to extend, and provided that, at Landlord’s option, as of the date of delivery of such notice, Tenant is not in default under this Lease and has not previously been in default under this Lease more than twice during the preceding twelve (12) month period, and as of the end of the initial Lease Term, Tenant is not in default under this Lease, the Lease Term shall be extended for a period of five (5) years. The rights contained in this Section 2.2 shall be personal to Original Tenant and any Permitted Assignee (and not any other assignee, sublessee or “Transferee,” as that term is defined in Section 14.1, below, of Tenant’s interest in this Lease).
Option Right. Landlord hereby grants Tenant one (1) option to extend the initial Lease Term for the entire Premises for a period of five (5) years (the "Option Term"), which option shall be exercisable only by written Exercise Notice (as defined below) delivered by Tenant to Landlord as provided below, provided that, as of the date of delivery of such Exercise Notice, Tenant is not in a state of uncured monetary or other default following the expiration of the applicable cure periods under the Lease and Tenant has not been in default beyond the expiration of any applicable notice and cure period more than twice in any one Lease Year. Upon the proper exercise of such option to extend, and provided that, as of the end of the initial Lease Term, Tenant is not in default, as described above, under the Lease, the initial Lease Term shall be extended for the Option Term. The rights contained in this Article 30 shall be personal to the original Tenant executing the Lease and any Affiliate and may only be exercised by the original Tenant or Affiliate, as the case may be, (and not any other assignee, sublessee or other transferee of Tenant's interest in the Lease) if the original Tenant or Affiliate, as the case may be, occupies the entire Premises as of the date of the Exercise Notice.
Option Right. Landlord hereby grants Tenant originally named in this Lease (the "Original Tenant") one (1) option to extend the Lease Term for a period of five (5) years (the "Option Term") with respect to the entire Premises then leased by Tenant. Such option shall be exercisable only by written notice delivered by Tenant to Landlord as provided below, provided that, as of the date of delivery of such notice, Tenant is not in monetary or material non-monetary default beyond applicable notice and grace periods under this Lease. Upon the timely exercise of each such option to extend, the Lease Term shall be extended for a period of five (5) years, on all of the same terms and conditions except that the Base Rent shall be equal to the Option Rent, and except for such other modifications as are then agreed upon by the parties. The rights contained in this Section 2.2 shall be personal to the Original Tenant and may only be exercised by the Original Tenant (and not any other assignee, sublessee or other transferee of the Original Tenant's interest in this Lease other than a Permitted Transferee Assignee).
Option Right. Your Option is to purchase, on the terms and conditions set forth below, the following number of shares (the "OPTION SHARES") of the Company's Common Stock, par value $.01 per share (the "COMMON STOCK"), at the exercise price specified below (the "EXERCISE PRICE").
Option Right. The Parties agree to include in Section 1 of the Agreement the following second paragraph: